6.66% CAP & 8.50 GRM & 81% Rental Upside | 324 S Witmer St
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
6.66% CAP & 8.50 GRM & 81% Rental Upside 324 S Witmer St
20 Unit Apartment Building $2,100,000 ($105,000/Unit) 6.66% Cap Rate Los Angeles, CA 90017
Investment Highlights
- 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA.
- Offered at 6.66% CAP and 8.50 GRM on current rents, $105,000 per unit, and $189 per foot.
- Tenants pay their own electrical utilities and the building is master metered for gas. Property amenities include community laundry.
- ocated just south of W. 3rd St, the property is in close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy.
- Significant value-add opportunity with approx. 81% rental upside. At projected market rents, the property will stabilize at a 15.81% CAP and 4.70 GRM.
- 324 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St.
Executive Summary
324 Witmer is a 20 unit value-add complex located 1.4 miles south of Echo Park Lake and the heart of Downtown LA. Located just south of W. 3rd St, the property is in close proximity to Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. The property is offered at 6.66% CAP and 8.50 GRM on current rents, $105,000 per unit, and $189 per foot. 324 Witmer is a significant value-add opportunity with approx. 81% rental upside. At projected market rents, the property will stabilize at a 15.81% CAP and 4.70 GRM. Built in 1923, the 11,088 SF two-story complex consists of (4) 1-bdrm. units and (16) studio units. Tenants pay their own electrical utilities and the building is master metered for gas. Property amenities include community laundry. 324 Witmer, which can be purchased individually, is part of the Witmer 4 - 84 units across 4 buildings within 1 block of Witmer St. The Witmer 4 is being sold in conjunction with 1000 N. Serrano, a 24-unit complex in East Hollywood offered at a 6.75% CAP on real expenses. Please contact Max Berger for more information at Max@KennyStevensTeam.com or (818) 321-4972.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts In Escrow
| Price | $2,100,000 | Apartment Style | Low Rise |
| Price Per Unit | $105,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.66% | Building Size | 11,088 SF |
| Gross Rent Multiplier | 8.5 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment |
| Price | $2,100,000 |
| Price Per Unit | $105,000 |
| Sale Type | Investment |
| Cap Rate | 6.66% |
| Gross Rent Multiplier | 8.5 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 11,088 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1923 |
Unit Amenities
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,373 | - |
| Studios | 16 | $755.00 | - |
Walk Score®
Walker's Paradise (91)
Transit Score®
Rider's Paradise (95)
PROPERTY TAXES
| Parcel Number | 5153-025-009 | Total Assessment | $2,599,155 (2024) |
| Land Assessment | $1,985,621 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $613,534 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5153-025-009
Land Assessment
$1,985,621 (2024)
Improvements Assessment
$613,534 (2024)
Total Assessment
$2,599,155 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | LACW (Commercial) |
| LACW (Commercial) |
1 of 9
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
6.66% CAP & 8.50 GRM & 81% Rental Upside | 324 S Witmer St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.